新能源汽车产业债务融资提高了企业绩效吗?--基于股权集中度调节效应的研究

Impact of Debt Financing on Enterprise Performance in New Energy Vehicle Industry:Research on the Regulation Effect of Ownership Concentration

面对补贴退坡、原材料涨价、技术研发带来的成本压力和盈利空间低等问题,科学的债务融资是我国新能源汽车产业摆脱逆境的重要途径。以2015—2020年沪深A股新能源汽车产业上市公司为研究对象,运用双向固定效应模型和系统GMM模型检验了债务融资对企业绩效的影响。研究发现:较高的债务融资水平不利于企业绩效的提升;高股权集中度削弱了债务融资水平对企业绩效的抑制作用;第一大股东持股比例越高越有利于企业绩效的提升。说明在我国新能源汽车产业中,合理降低债务融资、提高股权集中度,能够帮助企业提升绩效水平。对我国新能源汽车产业资本结构科学化管理、促进我国新能源汽车产业发展、推动我国绿色产业建设提供了新的启示。

Facing the problems of low profit space and shortage of funds caused by the decline of subsidies and technology R&D,sound debt financing is an important way for China’s new energy vehicle industry to get rid of adversity.Taking the listed companies in Shanghai and Shenzhen A-share new energy vehicle industry from 2015 to 2020 as the research object,this paper uses two-way fixed effect model and systematic GMM model to test the impact of debt financing on enterprise performance.The study found that:a higher level of debt financing is not conducive to the improvement of enterprise performance;high equity concentration weakens the inhibitory effect of debt financing level on enterprise performance;and the higher the shareholding ratio of the first largest shareholder,the more conducive to the improvement of enterprise performance.It shows that in China’s new energy vehicle industry,reasonably reducing debt financing and improving equity concentration can help enterprises improve their performance level.It provides new enlightenment for the scientific management of the capital structure of China’s new energy vehicle industry,promoting the development of China’s new energy vehicle industry and the construction of China’s green industry.